The West Ipoh Span Expressway (WISE) has secured RM5.55 billion in funding, said Perak menteri besar Datuk Seri Saarani Mohamad, reported New Straits Times.
“I received the latest update from WISE representatives. They said that they have already secured funding from Hong Leong Bank. I understand that work related to land acquisition has already started,” the Perak menteri besar said.
“Previously, we said the project was held up because they had not secured a funder. Now that the funding issue has been resolved and the sukuk has been issued, based on the report we have, I think the project can proceed,” he continued.
In November 2024, the WISE was reported to be planned for a length of 60.88 km from Gopeng to Kuala Kangsar, bypassing the PLUS North South Highway’s Menora Tunnel. This was estimated at the time to cost RM6.2 billion, according to project concessionaire East Coast Road (ECR).
As the project is a private finance initiative (PFI), the government will bear no cost and public funds will not be used. At the time, the toll rate for the WISE project was said to be 23 sen per km over the entire 55-year concession period, which includes the four-year construction period.
The Perak state government approved the proposal for the bypass road in 2022, which is also described as an effort to reduce the risk of deadly accidents.
The WISE project faced several delays since it was approved by the Cabinet in 2023, due to financing issues and other conditions that had to be fulfilled before construction could begin, according to the report.
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